Wednesday, 3 April 2013

LoanMaster™ Lite: Free Loan Servicing Software

LOANMASTER (tm) Lite is a software application for servicing multiple portfolios of loans, notes, or other financing contracts. This system is based on 30 years of experience in development of loan servicing, tracking, and accounting software for banks and S&Ls.

If you have five or five thousand loans, LOANMASTER (tm) Lite will help you organize them and service them. It will organize and service all types of simple interest loans. Examples include:
  •      Single payment loans. (Notes)
  •      Monthly, annual and other installment loans
  •      Retail installment sales contract loans
  •      Loans for land sales contracts
  •      Automobile loans ( simple interest only )
  •      Residential mortgage loans - first, second or third liens.
  •      Contracts for deed.
  •      Secured or unsecured personal loans
  •      Construction loans
  •      Virtually any simple interest loan

What Will a Loan Servicing Software System do for You?

LOANMASTER (tm) Lite is a general loan servicing software system. Its design is similar to the loan accounting systems used by most banks for accounting operations and tracking of loan payments due and past due.

LOANMASTER (tm) Lite stores all the data about the loans and the borrowers in a database in an organized manner. It will then perform all the calculations necessary on this data and display the data and or the calculations to you on screen or via printed reports.

For each loan, there is a borrower. Information about each borrower is stored in the database. Each borrower may have multiple loans, multiple addresses and multiple telephone numbers.

From this store of information, LoanMaster Lite (tm) is able to calculate the interest for each loan as it becomes due. It calculates each payment date and determines if the payment has been made. If the payment has not been made, it marks the loan as past due. If late charges are specified, it calculates and assesses the late charge.

When payments or late charges are paid, it determines if the amounts paid were less than, equal to, or greater than the amounts due. If the amounts paid are greater of less than the amounts due, it keeps up with the past due or prepaid amounts.

Every day, the software checks every loan in the file to see if interest has accrued or if a payment is due. If you prefer not to use the software on a daily basis, it will catch up. Most private lenders and small loan companies update the loan files weekly. Some individuals update the files monthly. Regardless of the frequency of the updates, LOANMASTER (tm) works on a daily basis and updates every loan one day at a time.

For each calendar date during the year, the LOANMASTER (tm) loan software performs these functions:
  •      Check for loan payment due today
  •      Calculate interest on each loan
  •      Calculate late charges due
  •      Calculate accrued interest for each loan
  •      Calculate interest due and unpaid for each loan
  •      Calculate principal due for each loan
  •      Calculate days past due for each loan
  •      Calculate date next due for each loan
  •      Calculate number of payments matured for each loan
  •      Calculate number of payments paid for each loan
  •      Calculate Interest paid YTD for each loan
  •      Calculate Late Charges Paid YTD for each loan
  •      Calculate number days 10,30,60,90,120 days past due
  •      Calculate default date
  •      Check for final maturity
  •      Determine if billing or past due notices are due today

Upon request by the operator, it will print any of these reports:
  •      Trial Balance
  •      Past Due Loan List summary
  •      Cash Payments Received
  •      Daily Cash Balancing
  •      Loan Payoff Report *
  •      Loan Statements *
  •      Billing and Past Due Notices *
  •      Payment Receipt
  •      1098 Forms
  •      Year End Loan Status Report *
  •      Loan Payoff Report (for current or future date)*
* (Formatted and ready to mail - Columbia Window Envelope)

Reports are printed via the Windows print driver and can be directed by the operator to any printer on the system at print-time. Since Windows handles the printing the reports may be printed to any print device on your system, including fax, and PDF document print drivers. 

How do I Post Loan Payments?

The loan payment posting screen will allocate the payment amount received to interest, principal, and late charge according to your choice of several preset rules. Each loan can use a different allocation rule. If for any reason, you don't like the way the system allocated the payment amount to interest, principal and late charge, you can change it manually before posting. The actual posting is done by a single mouse click. The posting procedure performs the following functions in the"...blink of an eye."
  •      Update the loan balance.
  •      Update the interest accrued for the loan
  •      Update the loan interest due
  •      Update the loan principal due
  •      Update the interest paid YTD for the loan
  •      Update the late charges due for the loan
  •      Update the late charges paid if any, for the loan
  •      Update the days past due for the loan
  •      Update the date the next loan payment is due
  •      Update the date the next loan notice is due.
  •      Update the date the last payment was made.
  •      Update the number of payments paid

Will LoanMaster Lite Work on My Network?

LOANMASTER (tm) Lite is a single user system. The means that only one user at a time can use it. It is however completely compatible with most networks and can be installed on the server.

What if a Loan Payment Check Bounces?

The automatic payment reversal function will with a single click reverse the entire loan payment. This procedure will immediately perform the following functions.
  •      Reverse the principal payment
  •      Reverse the interest payment
  •      Reverse the late charge payment.
  •      Restore the interest due
  •      Restore the principal due
  •      Restore the late charges due
  •      Restore the dates due
  •      Restore the days past due
  •      Restore the number of payments paid
  •      Restore the date of last payment
  •      Assess a returned check charge

How do I Post an Early Loan Payoff?

Payoff's are a lot of work. There is a considerable amount of calculation and posting involved. LOANMASTER Lite will do it all for you. To pay off a loan early. You simply display the Payoff Report, print it, then click the "Post Payoff" button
How do I Calculate Terms for new Loans?

The software includes a full featured loan calculator that calculates every thing you ever wanted to know about a loan. It calculates:
  •      Loan payment Amounts
  •      APRs
  •      Maturity Date
  •      Finance Charge
  •      Odd Days Interest
  •      Balloon Payments
  •      Days to First Payment
  •      Net Amount Financed
  •      Lots of other 'stuff' you don't really want to know about.

What is a Loan Portfolio?

The term portfolio as used in this system means something like group, or subtotal. You assign loans to a portfolio by giving them a user defined portfolio code. You can have as many portfolios as you like. All of the reports will be subtotaled by portfolio code with a grand total at the end. Real estate developers may use portfolio codes to group loans by development or by the owning partnership. Retailers may use portfolio codes to segregate furniture loans from jewelry loans. etc.


LoanMaster™ Lite: Free Loan Servicing Software


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